Calastone, the global fund transaction network, is pleased to announce that State Street Global Advisors (SSgA), the asset management business of State Street Corporation, has signed up to the network’s order routing service for its range of UK and Luxembourg domiciled funds.

SSgA is the latest in a number of asset managers to go live on Calastone’s hub, strengthening Calastone’s global presence in the international funds market. SSgA will now work with Calastone to offer straight-through-processing (STP) for fund dealing, providing a real-time order management process for its investment management clients.

By enabling an STP connection with Calastone, SSgA will benefit from Calastone’s electronic solution when investing. This is regardless of whether the funds are located on-shore or off-shore, or whether they communicate domestically or internationally with counterparties. This solution reduces risk, cost and removes the need for manual intervention by automating the process throughout the dealing lifecycle.

Marcus Ridge, UK Sales Director for Calastone, said: “We are delighted to welcome SSgA onto the Calastone Network. This is another step forward in assuring Calastone’s presence in Europe. We are confident that Calastone’s offering will add value to their business, as well as that of existing and prospective customers, given our transaction network enables full interoperability.”

Yvonne Hurst, Managing Director of Europe at Calastone, said: “Calastone’s primary objective is to work with our customers globally, expanding our global reach and our network. By delivering an exceptional service we are able to lower risk, increase efficiency and ensure that the fax as a medium for transactions becomes extinct in the not too distant future. In expanding Calastone’s global presence, we aim to promote cross-border automation and as a result help the industry reap the rewards. We are thrilled to welcome SSgA onto our network and once again, secure our presence in the cross-border market.”

Eleanor Hope-Bell, head of Intermediary Business Group (IBG) UK, at SSgA commented: “SSgA looks forward to partnering with Calastone as part of our commitment to helping financial intermediaries meet the constantly evolving needs of their investors. This automated solution will improve the efficiency of our offering to intermediaries as we continue to enhance our coverage of the intermediary market across Europe.”